Spanco Telesystems announced that they have entered into an agreement with Punj Lloyd Limited (PUNJLLYOD) to acquire it's interest in Spectranet, the ISP division of Punj Lloyd. A Joint Venture, Citycom Networks has been formed for this purpose. The deal is expected to close over the next few months subject to statutory and regulatory clearances.

The new Promoters of Spectranet intend to create a Neutral Telecom Infrastructure for next generation wire line and wireless broadband that promises exciting possibilities for telecom operators and ISPs. An investment of Rs. 500 crores has been envisaged for the first phase of expansion of the Spectranet network from existing 3 cities to 10 adding Chennai, Jaipur, Chandigarh, Ahmedabad, Kolkata, Pune and Hyderabad to the network.  Spectranet is the first private network convergence service provider incorporated in 1995 and employs 350 people across Delhi, Bangalore and Mumbai, where it operates currently. It was amongst the first ISP's to offer an array of services from corporate and retail broadband internet, Internet data centre, managed optic fiber build out and maintenance, Cable TV Solutions, CAS TV & Value added services.

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